The failure of Haven Trust Bank Florida, based in the Jacksonville, Fla. suburb of Ponte Vedra Beach, cost the Federal Deposit Insurance Corp.’s insurance fund about $31.9 million. Haven Trust was the 24th Florida bank to fail in 2010.
The institution will be taken over by Boca Raton’s First Southern Bank.
At the time of its closure, Haven Trust had $148.6 million in assets and $133.6 million in deposits. It was only four years old.
In February, the FDIC took enforcement action against the bank. Regulator ordered Haven Trust to boost its capital and charge off its “doubtful” assets. The bank was also prohibited from significantly growing its assets under the terms of the order.
The bank had net operating losses of $3.2 million through the first half of 2010 — an improvement over its $7.2 million in losses in the first half of 2009.
Also closing Friday was North County Bank in Arlington, Wash., located about 50 miles north of Seattle.
That institution had four…